PacBio Announces Second Quarter 2024 Financial Results

About this update from Pacific Biosciences Of California, Inc.

[{"type":"text","content":"MENLO PARK, Calif., Aug. 07, 2024 (GLOBE NEWSWIRE) -- PacBio (NASDAQ: PACB) today announced financial results for the quarter ended June 30, 2024. Second quarter results: Revenue of $36.0 million compared with $47.6 million in the prior-year period.Instrument revenue of $14.7 million compared with $29.9 million in the prior-year period. Instrument revenue in the second quarter of 2024 included 24 Revio™ sequencing systems.Consumables revenue of $17.0 million compared with $13.7 million in the prior-year period.Service and other revenue of $4.3 million compared with $3.9 million in the prior-year period. Gross profit for the second quarter of 2024 was $5.9 million, which included $4.6 million in restructuring expenses and $2.6 million related to the amortization of acquired intangible assets, compared with $15.5 million for the second quarter of 2023. Operating expenses totaled $181.8 million for the second quarter of 2024, compared to $88.7 million for the second quarter of 2023. Operating expenses for the second quarter of 2024 included a non-cash goodwill impairment charge of $93.2 million due to, among other factors, the decline in PacBio’s stock price during the quarter, $13.4 million of restructuring expenses, and $4.2 million related to the amortization of acquired intangible assets. Operating expenses for the second quarter of 2024 and the second quarter of 2023 included non-cash share-based compensation of $16.1 million and $16.7 million, respectively. Net loss for the second quarter of 2024 was $173.3 million, compared to a net loss of $69.8 million for the second quarter of 2023. Net loss per share for the second quarter of 2024 was $0.64, compared to net loss per share of $0.28 for the second quarter of 2023. Net loss and net loss per share included $93.2 million of goodwill impairment charges, $18.0 million of restructuring expenses, and $6.9 million related to the amortization of acquired intangible assets. Cash, cash equivalents, and investments, excluding short- and long-term restricted cash, at June 30, 2024, totaled $509.8 million, compared to $631.4 million at December 31, 2023. Non-GAAP second quarter results (see accompanying tables for reconciliations of GAAP and non-GAAP measures): Non-GAAP gross profit for the second quarter of 2024 was $13.2 million compared with $15.7 million for the second quarter of 20...

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